Binance.US, the U.S. arm of the world’s largest cryptocurrency exchange Binance, announced on Monday that it will delist the AMP token after the US Securities and Exchange Commission (SEC) described the token as a security.
Last week on July 21, the SEC identified nine crypto assets as securities, and the AMP token was one of them.
In a statement made on Monday, Binance.US said that the exchange always supports transparency while adhering to compliance with the directives of federal authorities.
The exchange stated that projects trading under its platform should continue to meet the listing standards based on the legally approved scope of the Digital Asset Risk Assessment Framework.
Binance.US said it will delist the AMP token “out of an abundance of caution” of potential enforcement by federal regulators.
The exchange disclosed it will close down deposits of Amp (AMP) and remove the AMP/USD trading pair from its platform on Aug 15. The exchange said the move follows the token’s mention in legal action from the SEC.
According to its blog post, Binance.US stated: “We believe that, in some circumstances, delisting an asset best protects our community from undue risk. We operate in a rapidly evolving industry, and our listing and delisting processes are designed to be responsive to market and regulatory developments.”
Binance.US said AMP is the only token of the nine mentioned in the SEC’s legal case trading on its platform. The exchange added that it may resume trading of AMP in the future on its platform, according to the regulator’s decision.
Implications of SEC Calling Coins Securities
On 21st July, The SEC brought insider trading charges against a former Coinbase (COIN) product manager and other two individuals. The regulator also mentioned nine cryptocurrencies as securities, with potential plans to charge the issuers and the exchange listing the so-called securities.
The designation of the nine cryptocurrencies as securities could have wide implications in the crypto markets. The designation means that the coins will be regulated as if they were a stock or a bond. The issuers of such tokens will also have to comply with the country’s securities laws to be able to offer the assets to investors within the US.
Such designations would make running a crypto exchange more expensive and complex. Furthermore, exchanges would face continuous scrutiny by regulators, which could lead to penalties, fines, penalties and, in the worst case, prosecutions if criminal authorities got involved. This could also mean losing future funding from investors who may abandon trading because of fear of increased compliance burdens and regulatory scrutiny.
And more implications are yet to come as SEC’s rulings are underlay.
In its simplest form, whether an asset is or is not a security under US rules is basically a question of how much such a token looks like shares issued by a firm raising money.
To determine that, the SEC applies a legal test from a 1946 US Supreme Court decision. Under that framework, the SEC can consider an asset as security if investors raise or pump in funds with plans to profit from the efforts of the company’s leadership.
In December 2020, the SEC filed a lawsuit against Ripple Labs Inc., for allegedly raising funds by selling the XRP digital token without registering it as a security.
The regulator claimed that the firm was funding its growth by issuing XRP to investors, betting its value would rise. The case is now a massive legal battle between the SEC and Ripple.
A surprise Binance listing spree has triggered a pair of rallies in the altcoin market.
In a new announcement, Binance says it’s listing PlayDapp (PLA), a blockchain gaming platform that utilizes both the Ethereum and Polygon networks to host a growing roster of interoperable games.
According to the project website, PlayDapp seeks to make digital assets accessible to the general public.
“PlayDapp wants to [turn] non-crypto game users into blockchain game users through the PlayDapp service platform. To do so, PlayDapp provides [Polygon] solutions to play games without cryptocurrency.”
Following news of the coin’s listing on Binance, PLA witnessed a swift 42% rise – trading from $2.20 to $3.13.
PLA’s value has retraced down to $2.63 at time of writing.
Binance is also making Amp available to its users. Its native token AMP collateralizes the cryptocurrency payment network Flexa, which enables merchants to accept digital assets as payment. Holders of AMP can stake as well as vote on governance issues.
The Amp website says the project is non-inflationary and asset-agnostic.
“Amp was designed to be as flexible and future-proof as possible. Amp’s open-source license makes it possible to create and deploy custom collateral managers for your app to interface with Amp on your own terms.”
AMP surged 40% from $0.05 to $0.07 after the initial Binance announcement and currently sits at $0.06.
Binance says each altcoin will be available to trade paired with Bitcoin (BTC), Binance Coin (BNB), Binance USD (BUSD) and USDT.
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On Tuesday morning, Regal, a movie operator of more than 500 locations and 7,000 screens in 42 states plus D.C., announced it would be partnering with digital payment network Flexa to enable its customers to pay with crypto for movie tickets, food, and beverage. Regal will accept a wide variety of coins and tokens, such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Doge (DOGE), USD Coin (USDC), DAI (DAI), Gemini Dollar (GUSD), Chainlink (LINK), Cosmos (ATOM), Basic Attention Token (BAT), and more.
Flexa is known for its ability to guarantee payments for real-world applications. In times of peak activity on blockchains such as BTC or ETH, it can take hours or days for transactions to be verified. By leveraging the market value of its underlying ERC-20 token Amp as collateral, Flexa says it can ensure that the transactions it handles will always go through. Meanwhile, Amp token holders earn a reward for putting their capital at risk.
Ken Thewes, Chief Marketing Officer at Regal, said the following in regards to the development:
This exciting partnership enables us to easily and seamlessly accept digital currencies […] across our theatre footprint in a simple and completely contactless way, providing our guests with the flexibility and safety they deserve as we embark on a new era.
Trevor Filter, co-founder of Flexa, added:
We’re very pleased to partner with Regal as we work to enable universal digital currency payment options for movies and more, and help bring the future of payments to cinema.
Regal isn’t the only theatre chain in the country that’s adopting cryptocurrency. Earlier this month, AMC began accepting BTC for online movie ticket purchases. AMC’s CEO also received overwhelmingly positive feedback asking if costumers wanted the company to accept Shiba Inu as payment in a Twitter poll.
Flexa is proud to share that @RegalMovies is now accepting $BTC, $DOGE, $LTC, $LINK, and more for tickets, popcorn, and snacks at the box office! https://t.co/Tgqqdf1L4L
Cream Finance is a decentralized finance protocol to repay users for the flash loan hack on its platform. The hack of nearly $19 million occurred on Aug 30, 2021.
Cream Finance puts news of a post-mortem to the massive exploitation of the AMP flash loan. The protocol promises to repay the stolen Amp (AMP) and Ether (ETH) coins.
It plans on footing its promise by allocating 20% of all the protocol fees until the debt is fully paid. Furthermore, the protocol will post collateral with the pertinent parties at AMP. It will also involve the Flexa digital payments network, the creators, for the security of the debt.
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From the post-mortem report, this recent flash loan hack stands for Crean Finance’s first time to face direct hacking.
Related Reading | Former DigitalX Executive Appointed As The New Binance Australia CEO
This mishap caused the loss of about 2,800 ETH and 462 million AMP coins. Through the assistance of PeckShield, a blockchain security company, Cream Finance discovered the major cause of the hack.
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The protocol uncovered that there’s an error in its means of AMP integration. Cream confirmed that though the situation is disappointing and unfortunate, it will solely bear the responsibility for its error.
Cream Finance Is Inspecting The Hack
Besides the massive exploit on its platform, Cream Finance has found a similar attack. However, this smaller move comes from an address with a history of transactions on the Binance crypto exchange. Binance is currently working together with Cream Finance to fish out this second attacker.
Cream revealed that it would cooperate with the necessary authorities to track the perpetrator. Furthermore, it will work with law enforcement bodies to prosecute the attacker using the full weight of the law.
Also, the hacked protocol will part with a 10% bug bounty to the attacker where they are ready to return the stolen assets.
Additionally, Cream appealed for public assistance in identifying the perpetrator or providing relevant information for his arrest and prosecution. The protocol pledged a ransom of 50% of returned funds for such assistance.
As recently notified, on August 30, Cream stopped supply and borrow contracts on AMP. This move closes the exploit that gave the attacker access to about $19 million worth of ETH and AMP from assets reborrowing within 17 different transactions.
Related Reading | Visa Describes NFTs As Promising Means To Engage With The Fans
Following this recent huge exploitation, the prices of AMP and CREAM, the Cream’s native coin, have plummeted. The AMP value has suffered almost a 13% dip.
At the time of writing, CREAM is trading sideways | Source: CREAMUSD on TradingView.com
Furthermore, these affected coins now have continuous price dipping preceding the attack. For example, cream token CREAM has plummeted by 11% within the last seven days. The token now sells at $163.08 at the time of writing. AMP, being down also, is at $0.05275.
Featured image from Pixabay, chart from TradingView.com
Bull market optimism returned to the cryptocurrency market on July 26 after Bitcoin (BTC) price rallied above the $40,000 level for the first time in over six weeks.
Today’s rally to $40,581 was a continuation of the July 25 breakout which saw BTC price rocket to $48,110 at Binance af a short squeeze resulted in nearly $500 million in shorts being liquidated in just two minutes.
Data from Cointelegraph Markets Pro and TradingView shows that BTC spiked to an intraday high at $40,581 on Monday before pulling back to $37,500 as bulls look to flip this resistance zone back to support in preparation for a further move higher.
BTC/USDT 4-hour chart. Source:TradingView
While the move higher has the mark of a trend change and has prompted some analysts to proclaim the bull market is back on track, on-chain data and the perpetual funding rates do not fully concur with this point of view. Especially when one considers that the current breakout may have only been the result of a massive short squeeze.
Factors that could reignite the bull market
According to Élie Le Rest, partner at digital asset management firm ExoAlpha, the recently denied rumor that Amazon would accept cryptocurrency payments have the potential to have a similar effect as the 2020 revelation from PayPal that it would integrate cryptocurrencies. Le Rest said that if the Amazon news turns out to be true, this “could be the catalyst to ignite a bull run in H2 of 2021.”
As Bitcoin price pushed above the $35,000 level on July 25, “more than a billion dollars of shorts got liquidated in the past 24 hours, with the bulk of the liquidation occurring in less than 1 hour” according to Le Rest, who also said, “the current market move could be sustained during the week by volumes coming from players having waited for a more directional trend on Bitcoin since the end of May.”
Le Rest said:
“To validate this directional trend, Bitcoin has to break out of the $30,000-$40,000 range it has been stuck into for 2 months. Maintaining Bitcoin over the $40,000 level would signal that the “bear market” is over and the bull-run may resume.”
If Bitcoin is able to maintain its current momentum, Le Rest said “as many expect, Bitcoin could get back on track with the Stock to Flow model and reach the $100,000 mark by year-end.”
On-chain data is not so bullish
Caution is warranted against being overly bullish and data from Glassnode suggests that several bearish threats remain valid.
When analyzing the directional bias of the futures markets, Glassnode found that “perpetual funding rates have continued to trade negative,” which “indicates the net bias remains short Bitcoin.”
Bitcoin futures perpetual funding rate for all exchanges. Source:Glassnode
Glassnode said:
“This metric in particular helps us identify that Monday’s price rally is likely associated with an overall short squeeze, with funding rates continuing to trade at even more negative levels despite price rallying +30%.”
Glassnode also pointed to Bitcoin on-chain activity and highlighted that “in direct contrast to the volatility in spot and derivatives markets, the transaction volume and on-chain activity remains extremely quiet.”
Bitcoin entity-adjusted total transfer volume. Source:Glassnode
Overall, how on-chain transfer volume responds to the recent price action in Bitcoin will provide better insight into where the market is headed, but as noted by Glassnode, “it remains to be seen whether on-chain volumes start to pick up in response to recent volatile price-action.”
Related:DeFi tokens book double-digit gains after Bitcoin rallies above $39,000
Bitcoin’s recovery above $40,000 also helped spark strong rallies in most altcoins.
Ether (ETH) gained of 11% to hit a daily high at $2,433, while Dogecoin (DOGE) posted a 7% gain and trades at $0.208.
Other notable gainers include a 64% gain for Strike (STRK), a 55% rally in Venus (XVS) and a 20% breakout in VeChain Thor (VTHO) and Ankr (ANKR).
The overall cryptocurrency market cap now stands at $1.46 trillion and Bitcoin’s dominance rate is 47.4%.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
A renewed sense of optimism has returned to the cryptocurrency ecosystem on July 26 as Bitcoin’s (BTC) recovery above $38,900 has sparked a market-wide rally in the altcoins.
Data from Cointelegraph Markets Pro and TradingView shows that the top movers over the past 24 hours are Amp (AMP), Venus (XVS) and Reserve Rights (RSR).
Top 7 coins with the highest 24-hour price change. Source:Cointelegraph Markets Pro
Five out of the top seven gainers fall into the decentralized finance (DeFi) sector, a possible sign that DeFi may be heating up for another major run in 2021.
AMP/USD
The top performer over the past 24-hours has been Amp (AMP), a digital collateral token protocol that offers instant, verifiable assurances for any kind of value transfer.
AMP/USD 4-hour chart. Source:TradingView
Data from TradingView shows that after hitting a low of $0.048 on July 25, the price of AMP rallied 96% to reach an intraday high at $0.094 on July 26 as its 24-hour trading volume jumped more than 800% from an average of $20 million to $280 million.
XVS/USDT
Venus (XVS), a Binance Smart Chain-based algorithmic money market and synthetic stablecoin protocol also saw a strong breakout today.
XVS/USDT 4-hour chart. Source:TradingView
As seen in the chart above, the price of XVS has spiked 63% from a low of $17.13 on July 25 to an intraday high at $27.95 on July 26 as its 24-hour trading volume surged by more than 600% to $180 million.
According to the latest data provided by Venus, the protocol currently has more than $3 billion in total value locked on the platform and over $1.8 billion in available liquidity.
RSR/USD
The third-biggest gainer on Monday was Reserve Rights (RSR), a dual-token stablecoin platform comprised of the Reserve stablecoin (RSV), which is backed by a basket of assets managed by smart contracts and the RSR token which helps to keep the price of RSV stable through a system of arbitrage opportunities.
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for RSR on July 24, prior to the recent price rise.
The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.
VORTECS™ Score (green) vs. RSR price. Source:Cointelegraph Markets Pro
As seen in the chart above, the VORTECS™ Score for RSR turned green on July 24 and climbed to a high of 76, around 28 hours before its price increased by 45% over the next day.
The jump in price follows the July 24 upgrade to the protocol which now allows app users to “deposit and withdraw money on Saturdays and Sundays from 6:00 am to 6:00 pm.”
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Few things in the cryptocurrency space generate more hype than a new token listing because the prospect of finding a rare 1000x coin continues to be a top goal of many crypto investors.
Coin98 (C98) is the most recent example of this phenomenon after the Binance Smart Chain-based decentralized finance (DeFi) solution rallied 1,200% from its initial coin offering price at $0.075 to $0.928 on its first day being listed on exchanges.
Coin98 Binance Launchpad subscription has been completed.
Please wait for @binance to send C98 and BNB to your spot wallet.
How many C98 tokens did you receive?#Coin98 #C98 $C98 pic.twitter.com/W4QVYMy8ga
— Coin98 Insights (@Coin98Insights) July 23, 2021
Coin98 is the 20th project to come out of the Binance Launchpad and describes itself as “a DeFi gateway for traditional finance users to access any DeFi services on multiple blockchains.”
Along with being listed on Binance, C98 is also available to trade on Gate.io and MEXC Global and token holders can also earn a yield through staking and liquidity pool options on PancakeSwap (CAKE).
Altcoins post double-digit gains
Bitcoin’s (BTC) rally to $33,000 led to a prolonged boost in several altcoins and data from Cointelegraph Markets Pro and TradingView shows Ampleforth (AMPL), Amp (AMP) and Axie Infinity (AXS) as the top movers over the past 24 hours.
Top 7 coins with the highest 24-hour price change. Source:Cointelegraph Markets Pro
AXS’s month-long rally picked up steam again after the price rebounded from its lower support touch at $14 and the rally in AMPL demonstrates the benefit of cross-protocol integrations.
Related:Bull or bear market, creators are diving headfirst into crypto
According to Ampleforth’s Twitter, the new-found interest in AMPL is the result of the token being added to the AAVE DeFi ecosystem
…and FINALLY! AMPL will be first rebase asset listed on @AaveAave lending/borrowing platform.
Amazing milestone for @AmpleforthOrg team, @evankuo @brandoniles @aalavandhan1984 @ForkingBlocks @ahnaguib
And congratulations to AAVE + Ampleforth community for making history pic.twitter.com/9MkF66QSTI
— Richy Qiao (@richy_qiao) July 23, 2021
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for AMPL on July 19, prior to the recent price rise.
The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.
VORTECS™ Score (green) vs. AMPL price. Source:Cointelegraph Markets Pro
As seen on the chart above, the VORTECS™ Score for AMPL first turned green on July 17 and climbed to a high of 75 on July 19, around 15 hours before the price increased 57% over the next three days.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
The weekend had produced little by way of surprises, with Bitcoin moving within a predictable range after seeing an initial brief spurt over $32,000 Friday.
Despite retaining $31,000 support and so far not retesting $30,000, Bitcoin was nonetheless on track to seal its lowest weekly close since December 2020.
#bitcoin still ranging sideways…. Surprise surprise
— Lark Davis (@TheCryptoLark) July 18, 2021
While some traders and analysts expressed their lack of satisfaction with spot price action after two months of hovering in the same range, others were still mindful of potential disruption.
“Wouldn’t surprise me if we get a random move in the final 2-3 hours of this weekly candle on Bitcoin,” Michaël van de Poppe told Twitter followers.
Sunday marked the date of the largest in a series of unlockings at the Grayscale Bitcoin Trust ($GBTC). An event anticipated with nervousness by many, any obvious impact on price behavior had yet to be seen at the time of writing.
GBTC unlocking schedule. Source: Bybt
Altcoins set to lock in losses
Altcoins looked similarly lackluster on Sunday, with many of the top fifty cryptocurrencies by market cap lining up weekly losses akin to Bitcoin’s -8%.
Related: Bitcoin sees second-longest bull market drawdown with BTC price ‘stuck’ at $30K
Ether (ETH) hovered at $1,900, still clear of a support zone around $100 lower, while Amp (AMP) managed daily gains of 12%.
While the crypto markets are clearly led by the swings of Bitcoin and Ethereum, outliers are frequent — and identifying them is often what separates the average traders from the great ones.
Compared to the gains-fest of the first few months of 2021, June has been a rather bleak time for crypto investors. Digital asset prices were mostly stagnant and massive rallies were rare, leaving traders to do the hard guesswork: Which asset will do better than most others that are either going down or moving sideways?
Of many market and social metrics tracked by Cointelegraph Markets Pro platform, one proved to be especially useful this month: Average daily trading volume.
Five of the assets that recorded the greatest increase in daily volume compared with the previous month were among the biggest winners, securing double-digit dominance over both Bitcoin and the dollar.
And the correlation may not be an outlier — we saw the same pattern last month.
Trading volume is one of the components of the VORTECS™ score, Markets Pro’s algorithmic tool that relies on years of historical data to assess how healthy each coin’s current market outlook is.
As well as the score, raw numbers on unusually high and unusually low volume (relative to last month’s average) are available on Markets Pro dashboard. The Unusual Trading Volume Indicator is one tool that traders may find useful in identifying potential profit opportunities.
Unusual Trading Volume 7.1.21 at 10:30am ET / Cointelegraph Markets Pro
Here are the five coins that have seen the largest increases in average daily trading volume this month… and their monthly price dynamics.
AMP (AMP): +2,255%
30-day price change: +61.02% vs. USD, +59.32% vs. BTC
AMP embarked on a massive price hike that saw it shoot from $0.059 to $0.108 on June 14, and the trading volume followed the price closely.
Halfway through the rally, the coin popped up on the Unusual Trading Volume section of Markets Pro dashboard, alerting users that the ongoing price pump had been supported by a corresponding boost in liquidity.
The jaw-dropping increase in trading volume of more than two thousand percent was registered around the same time when the price peaked at almost 11 cents (red circle in the graph).
KEEP NETWORK (KEEP): 737.46%
30-day price change: +13.35% vs. USD, +11.28% vs. BTC
Keep Network (KEEP) hugely benefited from a series of high-profile listings this month: First came Coinbase, then Binance. The market absorbed the news before KEEP pairs began trading on these platforms, leading to the price peaking before trading volume. The highest volume of $215 million (red circle in the graph) came some 18 hours after the price touched $0.71 on June 17.
In the case of KEEP, a spike in trading volume was not a harbinger of a price increase, but at least partially a result of it.
THETA FUEL (TFUEL): 661.56%
30-day price change: +51.27% vs. USD, +48.51% vs. BTC
Theta Fuel’s strong showing this month in terms of both price and liquidity was powered by users’ anticipation of the upcoming Mainnet 3.0 launch.
Trading volume has definitely been one of the factors driving price action, as the two were moving hand-in-hand. In fact, between June 7 and 9, the growth of volume outpaced price movement, culminating minutes before the price hit the local high at $0.66 (red circle in the graph).
By that time, the Markets Pro Unusual Trading Volume indicator had been flashing for TFUEL for several hours.
PERLIN (PERL): 454.2%
30-day price change: +24.32% vs. USD, +21.92% vs. BTC
Perlin’s superior trading volume dynamics powered more than just the price movement this month. Combined with other metrics, it contributed to a series of strong VORTECS™ scores that preceded two price peaks on June 17 and 19.
The highest trading volume (red circle in the chart) came on June 17 as the asset’s value was at $0.112, bound for the high of $0.119 some two days later.
QUANT (QNT): 281.22%
30-day price change: +92.03% vs. USD, +88.56% vs. BTC
Quant (QNT) followed a price/trading volume pattern similar to that of KEEP. The coin’s price received a major boost from the news of an upcoming Coinbase listing before the actual spike in volume came along.
As visible in the graph, the high watermark of QNT’s liquidity came after the price hit the ceiling on June 16.
Cointelegraph Markets Pro is available exclusively to members on a monthly basis at $99 per month, or annually with two free months included. It carries a 14-day money-back policy, to ensure that it fits the crypto trading and investing research needs of subscribers, and members can cancel anytime.
Important Disclaimer
Cointelegraph is a publisher of financial information, not an investment adviser. We do not provide personalized or individualized investment advice. Cryptocurrencies are volatile investments and carry significant risk including the risk of permanent and total loss. Past performance is not indicative of future results. Figures and charts are correct at the time of writing or as otherwise specified. Live-tested strategies are not recommendations. Consult your financial advisor before making financial decisions.Full terms and conditions.
The U.S. Federal Reserve’s plans to advance its timeline for rate hikes to 2023 has led to profit-booking in the U.S. stock market, gold, and Bitcoin (BTC). The markets received a second jolt on June 18 after James Bullard, the president of the United States Federal Reserve Bank of St. Louis, warned th the first rate hike could come as soon as 2022.
Now crypto analysts are divided on the next move from Bitcoin. Josh Rager believes Bitcoin may have hit its cycle top at $64,500 and Robert Kiyosaki, author of “Rich Dad Poor Dad,” believes Bitcoin can plummet to $24,000.
Crypto market data daily view. Source:Coin360
However, PlanB, the creator of the stock-to-flow Bitcoin price forecasting model, has retained his bullish view on Bitcoin. His best-case scenario for Bitcoin is a massive rally to $450,000 while his “worst-case scenario” also paints a bullish target at $135,000 by the end of 2021.
Related:Bitcoin price dips below $34K as the day of Grayscale’s giant BTC unlocking draws near
Citing recent on-chain data, other analysts have pointed out that long-term holders have been buying Bitcoin in the past few days.
Can buying by the long-term investors offset selling from the speculators? What do the technicals project, a short-term recovery or a further fall? Let’s study the charts of the top-5 cryptocurrencies to find out.
BTC/USDT
Bitcoin has been range-bound between $31,000 and $42,451.67 for the past few days. The price turned down from $41,330 on June 15 and the bears pulled the price below the 20-day exponential moving average ($37,439) on June 18.
BTC/USDT daily chart. Source:TradingView
The sellers will now try to sink the price to the support of the range at $31,000. The 20-day EMA has started to turn down and the relative strength index (RSI) below 41 suggests that bears have the upper hand.
However, the BTC/USDT pair rebounded off $31,000 on two previous occasions on May 23 and June 8, hence the bulls will again try to defend this level. If they succeed, the pair could extend its stay inside the range for a few more days.
Conversely, if bears sink the price below $31,000, the pair could drop to $28,000 and then to $20,000. Such a move will be a huge negative and it could delay the start of the next leg of the uptrend.
BTC/USDT 4-hour chart. Source:TradingView
The bears have pulled the price below the $34,600 support on the 4-hour chart. If they manage to sustain the price below this level, the pair is likely to drop to the $31,000 support. The downsloping 20-EMA and the RSI near the oversold zone indicate advantage to the bears.
On the other hand, if the price turns up from the current level and rises above $36,457, it will suggest that traders accumulated at lower levels. The pair may then rise to the 50-simple moving average and later to the $41,330 to $42,451.67 resistance zone. A breakout of this zone will suggest that the correction is over.
ADA/USDT
Cardano (ADA) has been trading between $1.33 and $1.94 for the past few days. The rebound off the support on June 12 fizzled out at the 20-day EMA ($1.52) on June 15, indicating the sentiment has turned negative and traders are selling on rallies.
ADA/USDT daily chart. Source:TradingView
The bears will now try to sink the price below the $1.33 to $1.24 support zone. If they manage to do that, the ADA/USDT pair could slump to the critical support at $1. The downsloping 20-day EMA and the RSI below 42 suggest that bears are in control.
On the contrary, if the bulls again defend the support zone, it will suggest demand at lower levels. That could keep the pair range-bound for a few more days. A breakout and close above $1.94 will indicate that bulls are back in command.
ADA/USDT 4-hour chart. Source:TradingView
The 4-hour chart shows the bears pulled the price below the $1.33 support today but the failure to sustain the lower levels suggests accumulation on dips. The buyers will now try to propel the price above the downtrend line.
If they succeed, it will invalidate the bearish pattern. Such a move could catch the aggressive bears off guard and result in a short squeeze that may propel the price to $1.74 and then $1.88.
Alternatively, if the price turns down and sustains below $1.33, the pair will complete the descending triangle pattern. This bearish setup has a target objective at $0.78.
THETA/USDT
The bulls pushed THETA above the resistance line of the descending channel on June 17 but they could not cross the hurdle at $10.47. This shows that bears have not thrown in the towel yet and are attempting to fake the breakouts.
THETA/USDT daily chart. Source:TradingView
The price has dipped below the 20-day EMA ($8.65) today, suggesting that the short-term trend has turned in favor of the bears. However, the bulls are unlikely to give up easily. They will try to stall the decline at $7.33.
If the price rebounds off this support and rises above the moving averages, it will indicate strong demand at lower levels. The buyers will then make one more attempt to clear the hurdle at $10.47.
If they succeed, the THETA/USDT pair could start a rally to $13.20. This positive view will invalidate if the bears sink the price below $7.37. Such a move could result in a decline to $6 and then to $4.57.
THETA/USDT 4-hour chart. Source:TradingView
The 4-hour chart shows the formation of a head and shoulders pattern. This setup has a target objective at $7.02.
However, the bulls are trying to push the price back above the neckline. If they do that, the short-term bears who may have initiated short positions on the break of the neckline may get trapped.
This could result in short covering and the pair may rally to $9.19. A break above this resistance may open the doors for a rally to $10.10 and then $10.47.
XMR/USDT
Monero (XMR) turned down from the downtrend line on June 19 and the bears will now try to sink the price to the support at $225. This is an important support to watch out for because the bulls have repeatedly defended this level in the past few days.
XMR/USDT daily chart. Source:TradingView
If the price rebounds off $225, buyers will make one more attempt to drive the price above the downtrend line. If they do that, the XMR/USDT pair may challenge the 50-day SMA ($312) and then rise to $347.
Contrary to this assumption, if bears sink the price below the $225 support, the pair will complete a descending triangle pattern. This bearish setup could attract further selling, resulting in a drop to $175 and then $124.69.
XMR/USDT 4-hour chart. Source:TradingView
The 4-hour chart shows that bulls made several attempts to push and sustain the price above the $283 resistance but failed. This shows that the bears are defending this level aggressively.
The sellers pulled the price below the trendline of the ascending triangle today, but they could not sustain the lower levels. This suggests strong buying on dips. The bulls will now try to push the price above the moving averages and challenge the $283 resistance.
If buyers can thrust the price above this level, the ascending triangle pattern will complete and the pair could rally to $316.23 and then to the pattern target at $341.
This positive view will invalidate if bears sink and sustain the price below the trendline. Such a move could open the doors for a drop to $225.
AMP/USDT
Amp broke above the stiff overhead resistance at $0.076 on June 14 and hit an all-time high at $0.12 on June 16. However, profit-booking on June 17 has started a correction that has dropped to the breakout level at $0.076.
AMP/USDT daily chart. Source:TradingView
If bulls flip the $0.076 level to support, it will suggest that the sentiment remains positive and traders are accumulating on dips. The buyers will then try to push the price back toward the all-time high at $0.12.
A breakout and close above this resistance will suggest the resumption of the uptrend. The AMP/USDT pair could then rally to $0.185.
Contrary to this assumption, if the bears sink the price below $0.076, the pair could drop to the 20-day EMA ($0.07), which may again act as a strong support. However, if this support cracks, the pair could decline to the 50-day SMA ($0.05)
AMP/USDT 4-hour chart. Source:TradingView
The correction from the all-time high was arrested at the $0.076 support as the bulls defended the level aggressively. However, the buyers are struggling to push the price above the $0.095 resistance, indicating that bears are selling at higher levels.
The bulls are currently attempting to defend the 50-SMA and form a higher low in the short term. If they succeed, the pair may rise to $0.095. A breakout and close above this resistance could open the doors for a rally to the all-time high. This positive view will invalidate if the pair breaks and closes below $0.076.
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